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NY S09079
Bill
Status
11/4/2020
Primary Sponsor
Luis Sepulveda
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AI Summary
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Adds "community significant project" definition to Economic Development Law: businesses creating/retaining jobs with emphasis on public housing resident employment, located in leased space within state public housing developments, making qualified capital investments of at least $1 million.
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Includes community significant projects as eligible participants in the Excelsior Jobs Program, alongside existing categories like manufacturers, financial services firms, and life sciences companies.
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Requires community significant projects to create at least five net new jobs or retain current jobs while making qualified capital investments in public housing spaces.
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Authorizes the Commissioner of Economic Development to promulgate regulations establishing additional eligibility criteria, including incentives for child care providers and workforce support businesses, while preventing displacement of existing public housing residents and services.
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Extends ten-year tax credit eligibility to community significant project participants and makes lease payments to public housing authorities count as eligible real property taxes for credit calculation purposes; effective immediately for taxable years beginning January 1, 2021.
Legislative Description
Defines community significant projects as a business creating or retaining current jobs as determined by the commissioner, with particular emphasis on employment and/or training of current public housing residents, currently located or to be located in existing leased space of a building in a public housing development in the state and which makes significant qualified capital investments to start a business, or improve services and working conditions for an existing business, when located in such public housing space and including such projects in the excelsior jobs program.
Last Action
REFERRED TO RULES
11/4/2020